UBS Group Raises Consolidated Edison (NYSE:ED) Price Target to $106.00

Consolidated Edison (NYSE:ED) had its price target hoisted by UBS Group from $105.00 to $106.00 in a research note published on Friday, Benzinga reports. They currently have a neutral rating on the utilities provider’s stock.

ED has been the subject of several other reports. Barclays upped their target price on Consolidated Edison from $92.00 to $98.00 and gave the stock an underweight rating in a report on Monday, August 5th. Scotiabank upped their target price on Consolidated Edison from $85.00 to $90.00 and gave the stock a sector underperform rating in a report on Tuesday, August 20th. Mizuho upped their target price on Consolidated Edison from $93.00 to $95.00 and gave the stock a neutral rating in a report on Tuesday, May 28th. Wells Fargo & Company upped their target price on Consolidated Edison from $97.00 to $105.00 and gave the stock an equal weight rating in a report on Friday, August 2nd. Finally, Morgan Stanley upped their target price on Consolidated Edison from $75.00 to $82.00 and gave the stock an underweight rating in a report on Friday, August 23rd. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $93.42.

Consolidated Edison Price Performance

ED opened at $103.35 on Friday. The business has a fifty day moving average of $100.08 and a 200 day moving average of $94.69. Consolidated Edison has a 52-week low of $80.46 and a 52-week high of $105.99. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. The stock has a market cap of $35.74 billion, a P/E ratio of 19.84, a PEG ratio of 3.50 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The company had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter in the previous year, the business earned $0.61 EPS. As a group, sell-side analysts anticipate that Consolidated Edison will post 5.31 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Wednesday, August 14th were given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.21%. The ex-dividend date was Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ED. Clean Energy Transition LLP increased its position in Consolidated Edison by 227.9% during the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after buying an additional 623,787 shares in the last quarter. Acadian Asset Management LLC grew its stake in Consolidated Edison by 302.3% during the 2nd quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock valued at $63,396,000 after purchasing an additional 532,893 shares during the last quarter. AMF Tjanstepension AB grew its stake in Consolidated Edison by 243.2% during the 2nd quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock valued at $44,564,000 after purchasing an additional 352,903 shares during the last quarter. Swedbank AB purchased a new stake in Consolidated Edison during the 1st quarter valued at about $30,515,000. Finally, LPL Financial LLC grew its stake in Consolidated Edison by 101.3% during the 2nd quarter. LPL Financial LLC now owns 606,594 shares of the utilities provider’s stock valued at $54,242,000 after purchasing an additional 305,291 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.